the newspaper: "I do believe CDS [credit default swaps] have been miscast, much as poor workmen tend to blame their tools." Masters explained to The Economist, "Tools that transfer risk can also increase systemic risk if major counterparties fail to manage their exposures properly." In April 2010 she told the Economic and Monetary Affairs Committee of the European Parliament that "there are definitely lessons that have to be learnt. I for one feel that I have learnt from that experience and there are things I may like to have seen done differently". She stated support for reforms which increase transparency and reduce the risk of contagion among financial firms. From 2001 to 2004, Masters served as the bank's head of Global Credit Portfolio and Credit Policy and Strategy. From 2004 to 2007, she was Chief Financial Officer of J.P. Morgan's Investment Bank. In 2007 she was named head of Global Commodities. By 2014, J.P. Morgan had the largest revenues of any investment bank in commodities, according to United Kingdom analytics firm Coalition. That same year, J.P. Morgan announced the sale of its physical commodities business for $3.5bn in the face of increased regulatory scrutiny brought on by a Federal Energy Regulatory Commission investigation into the bank’s alleged manipulation of energy markets in California and Michigan. J.P. Morgan paid $410 million to settle the investigation without admitting wrongdoing. J.P. Morgan defended Masters, stating that "We strongly dispute that Blythe Masters or any employee lied or acted inappropriately in this matter". Masters left J.P. Morgan once she had completed the sale for the bank. Masters was the Chair of the Securities Industry and Financial Markets Association from 2008 to 2010 and also of the Global Financial Markets Association from 2012 to 2014, trade associations whose missions include promoting public trust and confidence in financial markets. She has frequently represented the industry in Washington D.C. on matters including the design of carbon markets to contain global warming, curbs on large commodities trading positions and the financial regulatory overhaul. 2015-2019 Masters was named the CEO of Digital Asset Holdings in March 2015, a company that builds secure and distributed processing tools to speed up settlement, reduce costs and enhance security and transparency in regulated industries. The startup raised more than $100 million in multiple rounds of funding from fifteen technology and financial firms, such as Citibank, Goldman Sachs, JPMorgan, Deutsche Boerse, DTCC, CME, IBM